Israeli company Verbit announced the closing of a $23 million Series A funding round led by Viola Ventures, with participation from Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners, and Clal-Tech. The latest round brings the total amount raised to date to $34 million.
Verbit uses artificial and human intelligence to provide a smart transcription and captioning solution. The company’s technology, built on adaptive algorithms, seeks to generate accurate speech-to-text files and help organizations maximize the potential of their audio and video files.
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The latest funding will be used to enhance the company’s global growth initiatives, scale its sales, marketing and product-related efforts, as well as its expansion into the US market, the company says.
Tom Livne, CEO and co-founder of Verbit, said in a statement: “I am lucky to work with such a talented team that is devoted to customer experience, company growth, and product innovation. It’s been only eight months since our last round of funding and this latest infusion of capital is a testament to the strong demand for an AI solution in such a manual and traditional space.”
Ronen Nir from Viola Ventures, who led the round and will join Verbit’s board of director, adds: “We have been closely following Verbit for the past two years. The disruption it brings to the market, both in its technological superiority, as well as market traction, are really exceptional. We believe that using human assisted AI services is the strongest trend in the technology world today, and Verbit perfectly fits our investment thesis in the area.”
Founded in 2017 by Eric Shellef, Kobi Ben Tzvi and Tom Livne, Verbit has offices in New York and Tel Aviv.